Introduction to Islamic Economics
- Islamic Economics: Definition
- Qur’anic view of scarcity and choice
- Islamic Economic Worldview
- Subject Matter of Islamic Economics
- Importance of Islamic Economics
- Goals of Islamic Economics
- Assumptions of Islamic Economics
- Sources of Islamic Economic Knowledge
- Primary Sources: Qur’an and Sunnah
- Secondary Sources: Ijma, Quias, Ijtihad
- Alternative Economic Systems: A Comparative Study in Brief
Islamic Approach of Market Pricing
- Effective Need VS Effective Demand
- When is need internal to demand and when external?
- Utility VS Maslahah
- Elements of Maslahah
- Different level of Needs
- Superiority of the concept Maslahah
- Effective need based demand curve and potential capacity based supply curve
- Determination of equilibrium price and quantity
- Pricing policies: Which one is feasible?
Consumer’s Behavior
- Objectives of Consumption in Islam
- Characteristics of an Islamic Consumer
- Conventional consumer VS Islamic consumer
- Constrained faced by Islamic consumer
- The concept of ‘Income Allocation Indifference Curve’- How is it different from conventional Indifference curve?
- Income Allocation Decision of an Islamic Consumer: Microeconomic View
- Income Allocation Decision of an Islamic Consumer: Macroeconomic View
- Derivation of final spending function
- Shift in final spending function
Theories of Production in Islam
- Motives of Production
- Objectives of Production
- Goals of Production
- Factors of Production: Types, their use and return- The urgency of competitive factor pricing model from Islamic perspective.
- Principles of Production
- . Concepts of Private Ownership/ Ownership Right: Rules of Shariah
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